As most know by now, the Obama-care legislation not only revolved around healthcare, but it extended into areas of life that we rarely associate with hospitals, doctors offices and pharmacies.
The Obama-care legislation imposes taxes on different areas of life to attempt to cover the massive expenses that will be incurred from this broad sweeping approach to national health care. One of the taxes is a 3.8% tax on home sales. When this was discovered by NAR(National Association of Realtors), the outcry could be heard in Canada. This is outrageous! Why should home sellers be taxed because they are selling their home? Especially with current conditions, a lot of people can't even afford to sell their home without adding a tax to the transaction.
WAIT!!!!
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There are rumors flying saying that everyone pays the tax, only the "rich" pay the tax and a multitude of other harebrained ideas of how the tax is applied. The reality is, the tax is only paid on gains from the sale of a home and you have to have maxed out your allowable lifetime gains ($250,000 individual/$500,000 couple) in addition to making a certain income.
While this is still not an ideal situation and no one ever likes to hear the word "tax," it is a very easily understood method to determine if you "qualify" to contribute to the national health care plan.
Find out what's happening in Bel Airwith free, real-time updates from Patch.
This link explains some of the information surrounding this tax.
In addition, if you'd like to know what your home could be worth and what you can expect to collect if you sold your home, visit www.allhomes4me.com or my Facebook page at www.facebook.com/timmontoyarealtor
